CMB International Global Markets | Equity Research | Company Update Geely Automobile (175 HK) Solid 1Q24 with better 2H24 earnings ahead Maintain BUY. We are of the view that 1Q24 earnings (net profit of RMB1.56bn) were slightly better than our prior forecast and therefore, we raise our FY24E net profit estimates by 5% to RMB7bn. We believe that Zeekr could be undervalued given its solid sales momentum and possible earnings improvement from 2H24E. 1Q24 earnings slightly beat. Geely reported its quarterly re ...

CMB 国际全球市场 | 股票研究 | 公司更新 吉利汽车 ( 175 香港 ) 第 1 季度稳健 , 未来下半年收益较好 目标价 14.00 港元 涨 / 跌 59.3% 现价 8.79 港元中国汽车 Ji Shi, CFA (852) 3761 8728 文静 DOU, CFA (852) 6939 4751 | 维持买入。 我们认为 , 第 1 季度的收益 ( 净利润为 15.6 亿元人民币 ) | |------------------------------------------------------------------------------------------------| | 测 , 因此 , 我们将 FY24E 的净利润预期提高了 5 % , 至 70 亿元人民币。我们认为 | | 于 Zeekr 的销售势头强劲 , 并且可能比 2H24E 的收益有所改善 , Zeekr | | 。 | | 1Q24 盈利略有好转。 吉利有史以来首次公布季度业绩。尽管价格战,其平均销售价格 | | ( ASP ) 同比增长 6% ,高于我们的预期。不包括 Zeer 的毛利率同比下降 | | 点, ...

2024 年 07 月 01 日 公司研究 评级:增持(维持) 研究所: 证券分析师: 戴畅 S0350523120004 daic@ghzq.com.cn 2024Q1 营收利润同比增长,品牌产品高端向上 ——吉利汽车(00175)2024Q1 点评报告 最近一年走势 | 相对恒生指数表现 | | | 2024/06/28 | |----------------------|----|----|--------------| | 市场数据 | | | 2024/06/28 | | 当前价格(港元) | | | 8.79 | | 52 周价格区间(港元) | | | 7.24-11.64 | | 总市值(百万港元) | | | 88,457.13 | | 流通市值(百万港元) | | | 88,457.13 | | 总股本(万股) | | | 1,006,338.24 | | 流通股本(万股) | | | 1,006,338.24 | | 日均成交额(百万港元) | | | 321.89 | | 近一月换手(%) | | | 0.34 | 表现 1M 3M 12M 吉利汽车 -10.2% -2.6% -3.9 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported strong Q1 2024 performance with revenue of 52.32 billion RMB, a year-on-year increase of 56.1%, and a net profit of 1.56 billion RMB, up 118.6% year-on-year [1]. - The increase in revenue is attributed to a significant rise in sales volume and product structure optimization, with total sales reaching 476,000 units, a 49.5% increase year-on-year, including 144,000 units of new energy vehicles, which saw a 130.9% increase [1]. - The company is expected to launch several new models in the second half of 2024, including the Zeekr MIX and Galaxy E5, indicating a strong product cycle [1]. Summary by Sections Financial Performance - Q1 2024 revenue was 52.32 billion RMB, up 56.1% year-on-year, with a gross margin of 13.7%, down 0.5 percentage points [1]. - Net profit for Q1 2024 was 1.56 billion RMB, reflecting a 118.6% increase year-on-year [1]. - The average selling price (ASP) for products was 126,000 RMB, an increase of 7,000 RMB year-on-year, driven by a higher proportion of new energy vehicle sales [1]. Sales and Volume - Total sales volume for Q1 2024 was 476,000 units, a 49.5% increase year-on-year, with new energy vehicle sales contributing significantly [1]. - The ASP increase was supported by a higher sales proportion of premium models, with the share of Zeekr and Galaxy models rising from 5.4% in Q1 2023 to 17.3% in Q1 2024 [1]. Future Outlook - The company plans to launch several new models, including the Zeekr MIX and Galaxy E5, which are expected to enhance its market position and drive further growth [1]. - The report forecasts revenues of 224.78 billion RMB, 268.69 billion RMB, and 298.83 billion RMB for 2024, 2025, and 2026 respectively, with net profits projected at 7.43 billion RMB, 11.61 billion RMB, and 15.01 billion RMB [2][4].

吉利汽车(00175.HK) 2024 年一季报点评:Q1 业绩同比高增,领克 /极氪多品牌经营向好 2024 年 06 月 30 日 买入(维持) | 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | |------------------------|-----------|-----------|-----------|-----------|---------| | 营业总收入(百万元) | 148565 | 179846 | 213465 | 258106 | 300070 | | 同比 (%) | 45.63 | 21.06 | 18.69 | 20.91 | 16.26 | | 归母净利润(百万元) | 5260 | 5308 | 7929 | 11459 | 13816 | | 同比 (%) | 8.52 | 0.91 | 49.37 | 44.53 | 20.56 | | EPS- 最新摊薄(元 / 股) | 0.52 | 0.53 | 0.79 | 1.14 | 1.37 | | P/E (现价 & 最新摊薄) | 15.30 | 15.1 ...

Sales Performance - In Q1 2024, Geely Automobile Holdings achieved a sales volume of 475,700 units, representing a 49% increase year-over-year[2] - The company reported a significant increase in vehicle sales, achieving a total of 1.5 million units sold in the last fiscal year, representing a 12% year-over-year growth[9] - ZEEKR Intelligent Technology, a subsidiary, reported total deliveries of approximately 33,000 units, a 117% increase year-over-year[7] Revenue Growth - Revenue for Q1 2024 reached RMB 52.315 billion, a 56% increase compared to RMB 33.506 billion in Q1 2023[2] - ZEEKR's revenue for Q1 2024 was RMB 14.717 billion, up 71% from RMB 8.620 billion in Q1 2023[7] - The revenue for the last quarter reached $5.2 billion, marking a 15% increase compared to the previous quarter[9] - Future guidance suggests a revenue target of $6 billion for the next quarter, reflecting a 10% growth outlook[9] Profitability - Profit attributable to equity holders of the company surged 119% to RMB 1.561 billion from RMB 714 million in the same period last year[2] - Gross profit increased to RMB 7.147 billion, up 51% from RMB 4.747 billion year-over-year[3] - ZEEKR's gross profit reached RMB 1.8 billion, a 137% increase compared to the previous year, with a gross margin of 12.3%[7] - The company aims to achieve a net profit margin of 8% by the end of the next fiscal year, up from 6%[9] Asset and Equity Position - Total assets as of March 31, 2024, were RMB 189.229 billion, a slight decrease of 2% from RMB 192.598 billion at the end of 2023[2] - Equity attributable to equity holders of the company rose to RMB 82.710 billion, reflecting a 3% increase from RMB 80.509 billion[2] Strategic Initiatives - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share by 2025[9] - New electric vehicle models are set to launch in Q3 2024, with an expected contribution of $1 billion in revenue within the first year[9] - A strategic partnership with a tech firm was announced to enhance digital services, projected to increase customer engagement by 25%[9] - The company is exploring potential acquisitions in the electric vehicle sector to bolster its product offerings and market position[9] Research and Development - Research and development expenses increased by 10% to $300 million, focusing on advanced battery technology and autonomous driving features[9] Customer Satisfaction - User data indicates a 30% increase in customer satisfaction ratings, attributed to improved service and product quality[9] Product Optimization - The company continues to optimize its product structure, contributing to the significant growth in both sales and profitability[3]

公司研究 | 动态跟踪 吉利汽车 00175.HK 买入（维持） 极氪及领克销量实现持续较高增长 股价（2024年06月07日） 9.75港元 目标价格 11.54港元 52周最高价/最低价 11.64/7.24港元 总股本/流通H股（万股） 1,006,338/1,006,338 H股市值（百万港币） 98,118 核心观点 国家/地区 中国 行业 汽车与零部件 ⚫ 吉利汽车5月销量表现亮眼。5月吉利汽车总销量16.07万辆，同比增长38.5%，环 报告发布日期 2024年06月11日 比增长 4.8%；其中新能源汽车销量 5.87 万辆，同比增长 145.9%，环比增长 14.1%；出口3.69万辆，同比增长67.8%。根据乘联会数据，5月1-26日国内乘用 车批发销量同比下降约5%，环比下降约16%，预计吉利汽车整体销量同比增速大幅 1周 1月 3月 12月 好于行业平均水平。 绝对表现 2.96 -1.32 16.49 2.2 ⚫ 极氪品牌同环比稳步增长，上市纳斯达克。5月吉利品牌销量12.03万辆，同比增长 相对表现 1.37 -0.71 3.32 6.8 29.5%，环比增长 1.5%；1-5 月 ...

吉利汽车(00175) /汽车 /公司点评 /2024.06.06 高价值产品加速上新，国际化竞争力稳步提升 证券研究报告 投资评级:增持(维持) 核心观点 ❖ 事件：公司公告2024年5月销量情况。5月销量16.1万辆，环比增长5%， 基本数据 2024-06-05 同比增长38%。5月新能源销量5.9万辆，环比增长14%，同比增长146%， 收盘价(港元) 9.83 流通股本(亿股) 100.63 渗透率37%，其中5月 BEV销量3.4万辆，同比+63%，5月PHEV销量2.4 每股净资产(港元) 7.27 万辆，同比+741%。5月出口3.7万辆，同比+68%。 总股本(亿股) 100.63 ❖ 高价值产品加速上新，国际化竞争力稳步提升：分品牌看，吉利品牌5月 最近12月市场表现 销量12.0万辆，环比增长2%，同比增长30%，其中银河系列5月销量1.4万 辆，环比增长12%；中国星高端系列5月销量3.1万辆，累计销量突破100万 吉利汽车 恒生指数 汽车 辆。领克品牌5月销量2.2万辆，环比增长16%，同比增长50%。极氪品牌5 19% 月销量1.9万辆，同比增长115%。全新Perface海外首次 ...

证券研究报告·海外公司点评·汽车(HS) 吉利汽车（00175.HK） 5 月销量同环比持续增长，海内外共振向上 2024 年 06月 05日 买入（维持） 证券分析师 黄细里 [Table_EPS] 执业证书：S0600520010001 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 021-60199793 营业总收入（百万元） 148565 179846 213465 258106 300070 huangxl@dwzq.com.cn 同比(%) 45.63 21.06 18.69 20.91 16.26 证券分析师 杨惠冰 归母净利润（百万元） 5260 5308 7929 11459 13816 执业证书：S0600523070004 同比(%) 8.52 0.91 49.37 44.53 20.56 yanghb@dwzq.com.cn EPS-最新摊薄（元/股） 0.52 0.53 0.79 1.14 1.37 股价走势 P/E（现价&最新摊薄） 17.26 17.10 11.45 7.92 6.57 [ [TT aab bl le e_ _T Sa ug m] m ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 9.47 HKD [7]. Core Insights - The company achieved a significant year-on-year increase in May sales, with a total of 161,000 vehicles sold, representing a 38.5% increase compared to the previous year [1]. - The company is accelerating its transformation towards new energy vehicles and high-end products, with a notable increase in the penetration rate of new energy vehicles [2]. - The company is expanding its global market presence, with exports increasing by 67.8% year-on-year in May [3]. - The listing of the Zeekr brand on the New York Stock Exchange is expected to support the long-term development of the brand and enhance the company's product matrix [4]. Sales Performance - In May, the Geely brand sold 120,000 vehicles, a 29.5% increase year-on-year, while the Zeekr brand saw a remarkable 114.5% increase [2]. - Cumulative sales for the first five months of 2024 reached 790,000 vehicles, a 45.1% increase year-on-year [1]. New Energy Vehicle Growth - In May, the company sold 59,000 new energy vehicles, marking a 145.9% increase year-on-year, with a penetration rate of 36.5% [2]. - Cumulative sales of new energy vehicles for the first five months reached 254,000 units, a 125.8% increase year-on-year [2]. Export Performance - The company exported 37,000 vehicles in May, accounting for 23.0% of total sales, with cumulative exports for the first five months reaching 162,000 vehicles [3]. Financial Forecast - The company is projected to achieve revenues of 223.2 billion, 266.3 billion, and 306.6 billion CNY for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 24.6%, 19.3%, and 15.1% [5]. - The net profit attributable to shareholders is expected to be 70.8 billion, 85.3 billion, and 99.8 billion CNY for the same years, with growth rates of 33.4%, 20.5%, and 16.9% respectively [5].